Japanese investment firm Metaplanet has increased its Bitcoin holdings by an additional $129 million, surpassing El Salvador's Bitcoin reserves.
Simon Gerovich, CEO of Metaplanet, said on X following the announcement:
"Metaplanet now holds more Bitcoin than El Salvador. From humble beginnings to rivaling nation-states, we’re just getting started."
On May 12, the Tokyo-listed company disclosed that it had purchased 1,241 Bitcoins at 14.8 million yen ($101,843) each. This acquisition, at its highest purchase price to date, adds up to approximately $129 million at current market values.
This increases the total Bitcoin held by the company to 6,796, valued at about $707 million, with an average purchase price of $91,000 per Bitcoin.